Boris
Johnson (L) stood down from the Conservative leadership race on
Thursday after Gove (R) announced his bid.Reuters/Neil Hall

Bookmakers' odds have massively soured on the prospect of Michael
Gove becoming the next Prime Minister.

Most bookies still think Theresa May is the firm favourite to
lead the Conservative party and thereby becoming the next PM
following a well-received leadership bid speech on Thursday, in
which she affirmed Britain's commitment to leaving Europe after
the Brexit vote.

But they think Gove has become a much longer shot than he had 24
hours ago — when some gave him odds as short as 5/2 —
after accusations of back-stabbing continue in the wake of Boris
Johnson's decision to bow out of the leadership race.

The two had both successfully campaigned for Britain to leave the
EU and many thought Johnson would become the next PM with Gove as
his Chancellor. But on Thursday Gove shocked Westminster by
announcing he had entered the leadership race and a few hours
later Johnson dropped out.

This means Energy Minister and fellow Brexit campaigner Andrea
Leadsom is now the second favourite to effectively become Prime
Minister, with Gove a distant third.

Here are the current next Conservative leader odds from the major
bookmakers:

Ladbrokes: May 1/3 — Leadsom 9/2 — Gove
8/1

William Hill: May 1/3 — Leadsom 9/2 — Gove 7/1

Betfair: May 4/11— Leadsom 4/1— Gove — 4/1

Paddy Power: May 1/4 — Leadsom 9/2— Gove
— 10/1

Sky Bet: May 1/3 — Leadsom 9/2 — Gove —
8/1

Meanwhile, the Labour party is
having its own crisis, with Angela Eagle still the firm favourite
to take over from Jeremy Corbyn after a 75% of Labour MPs
expressed a vote of "No Confidence" in their leader. Ladbrokes
gives her odds of 11/4 while William Hill pegs
her chances at 9/4.